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Chola MS claims payout at Rs 140 cr
Chola MS General Insurance Company (Chola MS) on Monday said it settled COVID-19-related claims worth over Rs 140 crore in the last financial year.
The company also had gross written premium at Rs 4,388 crore during 2020-21. A JV between Murugappa Group and Mitsui Sumitomo Insurance Group of Japan, Chola MS said the premium written during FY21 draws level with the previous year’s volume despite the pandemic-related lockdown and economic slowdown.
“During the year, COVID-19-related health claims of over Rs 140 cr rendered the Combined Ratio (CoR) higher at 107.28 pc. Profit before taxes grew by 47 pc to Rs 374 cr supported by strong investment income of Rs 804 cr with the investment corpus crossing Rs 11,000 cr,” it said.
CoR is a metric to measure the profitability of an insurance company in terms of its daily operation. Chola MS said it re-oriented its product mix both across and within motor to step up volumes in commercial lines and retail health and in cars/two-wheelers.